SJVN targets to develop 10,000 MW Solar Power Projects in Rajasthan

9 Feb 2022 , 04:10 PM

SJVN Limited has submitted a Letter of Intent (LoI) to develop solar power projects to the tune of 10,000 MW in the next five years in the state of Rajasthan.

The Letter of Intent (LOI) was duly acknowledged by the Government of Rajasthan with assurances of full support for the same.

SJVN Ltd ended at Rs31.25 per share up by Rs0.3 or 0.97% from its previous closing of Rs30.95 per share on the BSE.

“The LoI was submitted in the august presence of Hon’ble Chief Minister of Rajasthan Sh Ashok Gehlot, by Chairman & Managing Director, SJVN Sh Nand Lal Sharma. Additional Chief Secretary, Power, Govt. of Rajasthan & CMD RRECL Sh Subodh Agarwal and other senior officials of SJVN & Govt. of Rajasthan were also present on this occasion,” the company said in a filing on Tuesday.

SJVN intents to establish 10,000 MW Renewable Power Projects/Parks on the Land Banks to be allocated by Rajasthan Renewable Energy Corporation Limited in the State. An estimated investment of Rs50,000cr is proposed by SJVN on developing these Projects.

The commercial production will commence in a phased manner and the power generated will be transmitted to the beneficiaries through nearest SubStations. Power Purchase Agreements for the generated energy will be signed through competitive tariffbased opportunities available in the market.

SJVN has proposed to develop Solar Power Projects in Rajasthan as the state has largest solar power potential in the country. It receives the highest solar radiation (5.72 Kwh/m2/day) and also has the highest number of more than 325 clear sunny days in a year. All these factors work in our favour of developing the Projects.

These projects will assist SJVN in achieving its ambitious shared vision of 5000 MW by 2023, 25000 MW by 2030 and 50000 MW by 2040 and simultaneously contribute towards RE capacity addition target of 500 GW by 2030 set by Government of India.